Thailand To Release Stocks In Smaller Lots

Thailand's Commerce Ministry has decided to release of 1 million to 3 million MT from its rice stockpiles in small lots over the next few months, when many of the domestic farmers suspend planting in a bid to solve a brown-plant hopper infestation.

According to reports in the local media, besides open bidding, the government is also consider releasing the stockpiles by other means in order to ensure the market price is not adversely affected. These include using the futures market and government-to-government contracts.

The government of Thailand has about 5 million MT of rice in its stockpiles. The ministry last month cancelled bidding for 370,000 MT as it foresaw prices rising.